FLORIDAFIRST BANCORP, INC. ANNOUNCES INCREASED EARNINGS
FOR THE THIRD QUARTER OF FISCAL 2003
Lakeland, FL, August 5, 2003 (Nasdaq National Market "FFBK"). FloridaFirst
Bancorp, Inc. (the "Company") today reported an increase of 16% in net income
for the quarter ended June 30, 2003 as compared to the comparable quarter in
2002. Net income was $1,817,000, or $ .34 diluted earnings per share, compared
to net income of $1,572,000, or $ .29 diluted earnings per share, for the same
period last year. Net income was $4,388,000 for the nine months ended June 30,
2003, or $ .83 diluted earnings per share, compared to $4,114,000, or $ .77
diluted earnings per share, for the same period last year.
Diluted earnings per share for the quarter ended June 30, 2003 included a net
income impact of $550,000, or 10 cents per share, from gains on the sale of
securities. Diluted earnings per share for the quarter ended June 30, 2002
included a net income impact of $186,000, or 3 cents per share, from gains on
the sale of securities.
Diluted earnings per share for the nine months ended June 30, 2003 included a
net income impact of $459,000, or 9 cents per share, $771,000 from gains on the
sale of securities, offset by $312,000 related to the write-off of merger
related costs. Diluted earnings per share for the nine months ended June 30,
2002 included a net income impact of $316,000, or 6 cents per share, from gains
on the sale of securities.
President and CEO, Gregory C. Wilkes, commented, "We are proud of our
performance in the quarter on all levels. We doubled our loan production this
quarter from last year through new marketing and advertising campaigns for
consumer and commercial loans. Construction and mortgage lending continues at a
record pace. We are also enjoying a healthy increase in noninterest income."
"Credit quality ratios improved in the quarter, with lower non-performing loans
and net charge offs from the previous quarter." Wilkes added, "Checking and
money market deposits grew over 25% on an annualized basis in this quarter. Net
interest margins also remained stable although heavy mortgage refinancing is
beginning to put pressure on asset yields."
The Company's wholly owned subsidiary, FloridaFirst Bank, currently operates 19
offices in Polk, Manatee, Highlands and Sumter Counties in the central area of
the state of Florida. Visit our Website at www.floridafirstbank.com or for
further information, contact Kerry P. Charlet, Chief Financial Officer, at (863)
688-6811, extension 1004.
Statements contained in this news release, which are not historical facts, are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to, factors discussed in documents filed by FloridaFirst
Bancorp, Inc. with the Securities and Exchange Commission from time to time.
205 East Orange Street - P. O. Box 1527 - Lakeland, Florida 33802-1527
- (863) 688-6811
FLORIDAFIRST BANCORP, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands except per share data)
Three months ended Nine months ended
June 30, June 30,
------------------------- ------------------------
2003 2002 2003 2002
OPERATING DATA:
Interest income $11,164 $12,948 $35,089 $36,039
Interest expense 4,901 6,390 16,220 18,691
Net interest income 6,263 6,558 18,869 17,348
Provision for loan losses 180 180 540 500
Non-interest revenue: 2,093 1,588 5,062 3,473
Service fees, charges, etc. 698 697 2,012 1,585
Gain on sale of loans 56 33 488 224
Gain on sale of securities 875 296 1,233 500
Other 464 562 1,329 1,164
Non-interest expense: 5,476 5,713 17,030 14,466
Compensation and benefits 2,669 2,897 8,200 7,874
Occupancy and equipment expense 851 834 2,561 2,149
Amortization of Core Deposit Intangible 375 450 1,185 675
Other 1,581 1,532 5,084 3,768
NET INCOME $ 1,817 $ 1,572 $ 4,388 $ 4,114
Basic earnings per share $ 0.36 $ 0.31 $ 0.87 $ 0.80
Diluted earnings per share $ 0.34 $ 0.29 $ 0.83 $ 0.77
Weighted average shares outstanding - Basic 5,068 5,098 5,056 5,114
Weighted average shares outstanding - Diluted 5,335 5,342 5,318 5,377
BALANCE SHEET DATA: Jun-03 Sep-02 Jun-02
------ ------ ------
Total assets $ 832,187 $ 859,446 $ 812,309
Loans, net 495,063 499,364 490,166
Securities 256,404 272,624 248,973
Deposits 576,543 587,431 575,651
FHLB advances 124,500 129,500 125,300
Total equity 102,422 98,978 94,275
Three months ended Nine months ended
June 30, June 30,
-------------------- -------------------
SELECTED PERFORMANCE RATIOS: 2003 2002 2003 2002
(annualized where appropriate) ---- ---- ---- ----
Return on average assets 0.89% 0.78% 0.71% 0.75%
Return on average equity 7.16% 6.71% 5.80% 5.83%
Net interest margin in average earning assets 3.40% 3.59% 3.38% 3.46%
Efficiency ratio 68% 67% 70% 68%
Allowance for loan losses to total loans 0.92% 0.94%
Non-performing assets to total assets 0.29% 0.36%
Equity to assets at period end 12.31% 11.61%
Book value per share $ 19.04 $ 17.54
Website - www.floridafirstbank.com